Total securitisation issuance hits record `2.35-trn in FY25
Residential mortgage-backed securities-RMBS- accounts for 22%: S&P
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Mumbai: India’s total securitisation issuance reached a record high of Rs2.35 trillion ($27 bn) in fiscal 2025, with about 22 per cent allocated to residential mortgage-backed securities (RMBS), a report has said. The bulk of the RMBS issuance has been through bilateral assignments, according to the data compiled by S&P Global Ratings.
Pass-through certificate structures form a significantly smaller segment of the RMBS market compared to their share in India’s overall securitisation market.
“In our view, the first RMBS transaction announced by RMBS Development Co. Ltd. (RDCL) could improve investor confidence and pave the way for further issuance based on pass-through certificates (over bilateral assignments), in line with typical structures in global securitisation markets,” the report said.
